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a look at the bond curve. spain, this will be a good proxy for now. we'll get the ten year for italy in just a second. 35.34% is the level there. u.s. benefiting from fund flows well. choppy trade across the picture here. let's look at the italian curve before we get the results later today. we are seeing green across the board, so yields dipping before that probably has more to do with the political rhetoric we're seeing especially coming from berlusconi. under 4.6% for the ten-year and on the short and two, a bit of a rally. finally, let's close taking a look at the forex. euro/dollar is weaker. and it's holding just above 1.30. and the dollar/yen, this is the one sixuan mentioned to watch. heading into japanese elections, stocks outperform adding oots .1% to 83.35 this morning. >>> south korea's central bank may be worried about factors in the economy, but the dok says the economy is stronger than it used to be. more on that next. can i help you? i heard you guys can ship ground for less than the ups store. that's right. i've learned the only way to get a holiday deal is to camp o
small to view. i think what really bothers me is spain which i think clearly bothers the whole market. the question, a growth going to fall off a cliff or whether it muddle through and a bailout will be sufficient. as you say, we don't know the answer to that question. that remains the tail risk. until we do get close to a resolution, i'm not going to turn massively bullish. >> what's your view on that? >> i think i go along very much with what he's saying. >> what is your view on what happens to spanish growth? >> i think spain has a lot of problems at the moment. it's not seeing a lot in the domestic market. not seeing it move toward an export. in which case spanish growth is going to be very, very weak for some time to come. >> all right. good to see you. thanks very much. alan will stick around. time to bring you today's global markets report. let's go to asia for the update. >> that upbeat pmi data failed to lift greater china markets. there is pessimism over general lack of policy and also fears that over 800 companies lining up for ipos could further drain liquidity out of the
economies like spain -- >> good or bad surprise? >> no, a good surprise. whereas economies like spain, greece, portugal are likely to stay in recession for the whole year, i would argue there's a high probability that italy will come out of recession towards the end of the second quarter. >> and that seems to be the real concern that is in the market today, whether the political upheaval, even the campaigning by berlusconi could undo some of that progress. >> i think the key point is will the reform programs that have been initiated by the monte government, will they stay intact? i think there's a reasonable chance, they've had a more than reasonable chance that that is the case. yes, it's not surprising, we have the sell off today. it's inest knowledge that as the campaigning builds up, investors will be nervous.. the move by investors back into italian bonds over the next few months, we could see some exits. but i think if we get a sensible election results, and i think we probably will, then the reform program will be intact and the new government will stick to the budget that is g
's largely green behind me. the fits fits mib is atting .6%. the ibex in spain, up 0.8%. and the ftse up about 0.3%. now, some company-specific news this morning, fin mechanica saying shares up 2.4%. this on news they're set to buy sge-avio. safran is also a company considering that change. let's take a quick look at the bond space. we'll get a sense of the kind of trade we're seeing shaping up. it is consistent with flows into the periphery, perhaps out of the core and the risk on move generally that we're seeing this morning. yields up to 4.5 roughly in italy at about 5.4%, respectively. gilt is moving up towards is.9% this morning. the bund yield is still extremely low, so that spread between gilt and bund is widening. look at the euro/dollar. 1 1.3171. extraordinary. we're almost up at that 1.32 level. the dollar/yen is flat, right about 83.88. there we go. a little bit of movement there. the aussie lsh dollar is weaker. the aussie/dollar has been weakening. maybe the researchers of the yen not doing too much to spur sentiment. in any case, let's get the latest out of singapore. >> g
in the harder hit regions. ftse mib, spain up better than 1%. consistent with the rally we saw yesterday. remarkable. the xetra dax adding .1%. for its part, up to close to 30% this year. the ftse 100 adding .3. the bond space, we'll look at that and talk later about the big trades that have helped some hedge funds, for example, when it comes to greek debt. for the time being, mario's comments this summer is have techively kept the bond gleelds a tight range since then six months or so now, this is going. and differentiation across the space where italy price rising, not the case for spain which is seeing its yield up to 5.3. and i know we haven't mentioned this in a while, but i want to draw your attention here. the ten-year gild in the u.k., 1.957%. extraordinary. we're not off the 2% market in the spread, widening significantly. coming up on the program today, the count is set to get underway in south korea following general elections. we'll head to seoul to find out whether the country could elect its first female leader. >>> the bank of england releases minutes from its latest polic
a rotation into safety, out of risk and out of spain and italy. about 4.5% for italy. thin trading in markets is exacerbating the move that we're seeing as we approach the year. today, the austy dollar is weaker against the u.s. dollar by about .4%. proxy there for global growth prospects. the dollar/yen is weaker by about .25%. this as markets digest the news out of the boj and gauge whether they'll be successful in boosting inflation ultimately. the euro/dollar, 1.3221. so for trading in asia, just how japan, china and the rest have been affected by fiscal cliff news, diedra morris is join onning us with plenty more. hi. >> hey, kelly. it was a bit of a rude awaking. a lot of these indexes were on their way to gains and then we had the fiscal cliff setback. we had news that john boehner's plan b failed. this all turned red and this is where we ended. the nikkei 225 coming back from that huge rally that we have seen over the last five weeks shedding 1%. the exporters hurt here because the dollar/yen was lower. it has regained some ground in the last few hours or so. the kospi shedding about
concerned about france and spain than i am about italy. >> we'll talk about those. >> let me add asking. if italy is in this situation now, it relied on the easy way out. and politicians, including berlusconi, didn't have the foresight to see that. >> thank you so much for coming by. >>> staying at the eurozone, investors will be watching for anything coming from the italian crisis. the results of the spanish bond actions are due around 12:40 cst. hsbc was hit with a $1.9 billion fine. the ceo said we accept responsibility for our mistakes and are profoundly sorry for them. >> a full year loft loss of 4.7 billion euros, thinksen krup has more details. >> they are starting to look at the positive of what i would call a -- strategy, i.e., a clean sweep when it comes to the business strategy of thyssenkrupp as well as the instruct occur and the refocusing on being transparent and definitely being something shareholders should trust. so no dividends, jobs may go and the sale of celiamerica being looked at. the cfo says there's a handful of interested parties in that particular party of the
. >> it is a rare thing for you. hang around long enough, it will go your way. thanks for that. >> cheers. >>> spain. the treasury is setting up three, seven, and ten-year bonds. they're now pre-funding for 2013. we've got the results of that in around about 30 minutes. >>> and china and india secretary growth slowed in november. analysts say china and india's nonmanufacturing team expected to improve thanks to a hiring boost in the mainland as well as strong new orders in india. at the same time, china's new leadership, as we pointed out, has laid out some fresh directives. >> these are some pretty sweeping reforms making china's famously inefficient bureaucracy more efficient. it's an effort to "win the confidence and the support of the people" as public backlash rose against the special treatment of politicians. so a new list of dos and don't's for chinese leaders. on the do side, cut down on giving face. the art of extreme flattery or reverence, which results in some very long meetings and speeches. keep them short and cut down on the lavish feasts. he's also encouraging more travel to rural par
. and, of course, it is recognized. >> what's your view on spain? the country managed to avoid bailout so far, but will not meet its deficit target for the full year. do you think spain should be given more time? >> well, first of all, i think that, again, spain is going in the right direction. when you look at the current account, the deficit, you see that it had been diminished massively since the peak that they had in 2008, 2009. and, you know, as a very short summing up, it's been divided by more than five, though it's very, very encouraging. on the other hand, you have unit labor costs which have been diminishing quite a lot and the exports of spain are very dynamic today. so it also demonstrates that hard work is being done. it's difficult. it's tough, but going in the right direction. i trust that the global observers are observing progressively and the adjustment is proceed. in spain and in all the countries that are under adjustment. >> now, lonmin's ceo ian farmer is stepping down while being treated for a serious illness after being first admitted to hospital back in august.
half a percent, as well. take a look at bond yields. we looked at that auction yesterday from spain. they raised 4.3 billion. years went lower. nevertheless spanish yields today 5.4%, slightly lower from where we closed, but they did move up substantially after a handle of 5.2. we'll keep our eye on gilts, as well. we'll look ahead to the bank of england. nothing expected from them, of course. 1.8%. david miles was the only man who voted for more qe at the last meeting. as far as currency rates are concerned, euro-dollar at the moment 1.3068, just below the highs during the says. dollar-yen fairly contained. sterling-dollar steady 1.61. so pretty much as you were on some of those compared to this time yesterday. so what about the sazian session? only one lady to tell us. >> thank you, ross. asian markets ended mix. japan's bourses outperformed the region. despite a slight improvement in november corporate sentiment showed weakness. knee sap finished lower as they planned to recall nearly 50,000 cars in japan. shanghai composite pulled back after yesterday's 3% surge. investors booke
a recovery occurring in the eurozone, nkts look forward to 2014 and beyond. >> spain? >> for sure. >> when? >> probably in the second quarter. >> that's an interesting idea, all at once. david owens from jeffries, thank you so much for stopping by. >>> straight ahead, economic policies for next year and what is in store for markets if it mean slower, short-term growth? can i help you? i heard you guys can ship ground for less than the ups store. that's right. i've learned the only way to get a holiday deal is to camp out. you know we've been open all night. is this a trick to get my spot? [ male announcer ] break from the holiday stress. save on ground at fedex of. >>> shinzo abe wastes no time on calling on the bank of japan to ease interest rates. >>> get a little, give a little. reports say john boehner may be willing to raise the tax rates on the rich if president obama raises the cuts. >>> and corporate news weighs on sentiment in europe. kpn shares fall as the dutch telecom group scraps the divide dividend. >>> okay. we're into new trading week here. the xetra dax and the french mark
an eye on it, it is falling a little bit. 1.95% after a soft set of uk retail sales figures. spain, italy, moving higher, but not too much of a move there. 5.3%. and 4.4 for italy. now, forex rates, the euro/dollar and the yen has been in focus still in the last several trading sessions and that continues today. 1.3230 is the level. the yen, though, is giving back about .5% after the bank of japan's quantitative easing plans, pretty much flecting a buy the rumor, sell the fact move. now, house republicans plan to bring their tax bill to a floor vote today. this as tensions over the white house over the fiscal cliff have started to rise. it's unclear what the bill, known as plan b, will look like. house speaker john boehner has reportedly added spending cuts to convince members it will be worth the vote. president obama has threatened to veto the bill. the president says he's puzzled by what's holding up budget talkes and that house republicans should stop trying to score a point against him. >> take the deal. you know, they will be able to claim that they have worked with me over the last
there. >> yeah. >>> coming up in the program, spain's biggest export. an analyst who says shoppers are ready to spend. >>> and the vice president hugo chavez's cancer operation that was successful. heel be in miami to speak -- we'll be in miami to speak to an an lifted who talks about the transition of power. >>> plus, joined in studio by the ceo of japanese merchandising giant sanrio. what will the man in charge of -- yes -- hello kitty have to say about holiday spending? that's at 5:20 eastern. 11:20 central/european time. >>> u.s. budget talks have intensified. president obama and house speaker john boehner spoke by phone tuesday after exchanging new proposals. aides confirm the president gave boehner a revised offer on monday, reducing demand for new tax revenue from $1.6 trillion to $1.4 trillion over the next decade. boehner responded with a plan that largely sticks by his original offer a week ago. reports say the white house has told republicans it would include an overhaul of corporate taxes in any budget deal which it hasn't put on the table before. in an interview with a
's the bund or even yields in spain are falling as prices rise a little bit. so there is light at the end of the tunnel according to our next guest. he says the global economy is close to reaching its weakest point before recovery sets in. he's robert cohen, chief equity strategist. woke. >> good morning. >> we just heard rob doddson talking through some of these results. unfortunately, we saw some signs of weaker demand, especially global demand in these reports. but perhaps what is consistent with what you're saying, why is it your view that that is going to happen? >> sometimes you need to pull away. you move away from the fundamentals a little bit on the month to month improvements. if you look at 2013 as a whole, the big headwinds you've had in a number of years, fiscal austerity is largely the sarp in europe year on year. 2014, that comes up quite quickly. 2013 is largely going to be the final year of the crushing deleveraging if you like on the european banks. so essentially the whole theme of the aurm is 2014 should credibly be the first recovery year we've been in years. >> 2013?
. among those closed include spain and germany. we're start with asia. shanghai composite is the outperformer. you saw up 1.6% there. here is a list of the markets closed across europe. germany, switzerland, germany and austria. for the bourses that are open, we can take a look at performance this morning and then we'll take a look over at the bond wall. the ftse 100 is down about .4%. ibex down .5%. not a clear picture. definitely mixed trade as people look to close out the year. the bond wall gives the sense for what kind of wall dominates. we're seeing bond yields move higher. investors are exiting the asset class today. italy around the 4.5% level. we've seen these predominant for several weeks and likely a quick check on forrus. the yen, an important one to keep an eye on, as well. dollar/yen firmer, continuing the patterns that we've seen over the last couple of trading sessions. for more on what to expect from markets today, we're joined by chris meyer, managing director and chief strategist from loop capital markets. chris, good morning. we wake up without a deal.
] how can power consumption in china, impact wool exports from new zealand, textile production in spain, and the use of medical technology in the u.s.? at t. rowe price, we understand the connections of a complex, global economy. it's just one reason over 75% of our mutual funds beat their 10-year lipper average. t. rowe price. invest with confidence. request a prospectus or summary prospectus with investment information, risks, fees and expenses to read and consider carefully before investing. >>> welcome back to squawk. happy monday. today in the "wall street journal" suggesting netflix could end up doomed with its success with children. netflix just for kids get more popular. companies like viacom get accurate. companies provide netflix with most of its content in a kids' focused section. the journal says at some point the suppliers will probably want to charge netflix more or they might even stop selling to netflix. that's been a huge problem for them when it comes to contend more broadly. >> time for the global markets report. kelly evans standing by in london. you rise above over
seems to be fixed. it's fixed. even though they're in a bit of a recession, a lost generation in spain, are they really fixed? we'll ask mark grant the tough questions bottom of the hour. , we believe the more you know, the better you trade. so we have ongoing webinars and interactive learning, plus, in-branch seminars at over 500 locations, where our dedicated support teams help you know more so your money can do more. [ rodger ] at scottrade, seven dollar trades are just the start. our teams have the information you want when you need it. it's another reason more investors are saying... [ all ] i'm with scottrade. >>> facebook experiencing its fourth lockup today. today 160 million shares hitting the market. our next guest is an author of the book "the facebook era" clara shih the president of a company that has enterprises with large store networks on facebook linked in and other social networks. welcome back and good to see you again. >> good to see you. thanks for having me. >> i wonder what your take is short term on the lockup expiration. we've had it both ways this year. where
we go, ah. but it is amazing. nothing we can do. >> we're afraid spain is going to come -- spain was supposed to come to market. italy, oh, my, what happens when italy -- it turns out you had to take it down. i know that john corzine, very controversial figure. that's a code word. but what a trade they almost had. in the news again today. >> almost. >> horseshoes, hand grenades. >> we should point out, gm was certainly not having the easiest of times of it. this morning's stock is up sharply, we're telling you why. the company will buy back at a premium to at least what was the market price as of yesterday, 200 million shares from the government at $27.50. that having the effect of sending the stock above that. why not, if you're gm, you've got all this cash sitting on your balance sheet. you're earning virtually nothing on it, why not take the opportunity, even at a premium, to buy it back by as much as 11%, shrinking the cap by that much. we heard from tim massad who runs t.a.r.p., they'll be dribbling out the shares over time. the next 12 to 15 months. similar to the strategy
of versailles soon cause the structure to crumble into the totalitarian moment. spain, of course with its civil war was the first to see the future. the fascist rose to power in italy, then germany, then a samara totalitarian culture in japan where a fascination await anyone who questioned the destiny of japan to all of asia, the remaining democracies in europe lacked the will to stop even the weakest of aggressors. when mussolini successfully crushed ethiopia, and none of the league of nations states oppose them, that's higher -- it was already dead. this of course was long before hitler invaded poland. a world war ii let me only but they say that what saved the world in our view was that the progressive liberal, new deal government of franklin d. roosevelt, most likely out of sheer desperation unleashed a productive power of free market capitalism to bury the acid towers in a tsunami of tanks, planes, and ships. anyone who's read my my books knows the statistics of pink slime just not far from where i teach, a tank was built from scratch in four and a half hours. henry kaiser's shipyard churn
after another in the wrong direction. at the end of that journey the destination is greece or spain or italy. melissa: right. >> we have t figure out how to get control of intitlements. the while house refuses to have adult conversation about that. melia: neither of these proposals, neither side gets us closer to closing the enormous gap you're talkin about. i say over and over again and if this was your household and bills were so far out of line with what the revenue was you could get very serious very quickly. these people do not seem to do that. for republicans is it looking more and more palatable to go over the cliff at this point? >> depends on how dogmatic obama is. like selling a car on craig's list and put it up for 5,000 and really take 4500. someone offers you 4,000. this is classic negotiating. we have to be serious. this isn't just a game. we're not playing poker on a thursday night. if we don't get fix ou fiscal problem, by the way to give republicans credit, i just don't want to attack them, they passed the ryan budget earlier this year and st year and that actually
over the weekend. the ibex down over the weekend. so spain and portugal, seeing its index down over more than is % is showing its concern. joe, the ftse is at least holding up relatively better. it's down only .3% today. these losses follow a trading session that was setting up to be relatively strong. we saw asian stoxx doing decently well, so just kind of underscores how unhappy the market is this morning with this news out of italy. look at what's happening with debt. as we check in with bond markets, the italian tenure is seeing its yield rise. 4.88%. i know it doesn't seem that high, given some levels we were at last year. but if you consider that we've risen, i don't know, in the range of 30 to 40 basis points or .3 percentage points just on this news, it is pretty significant. spain, same thing, we're seeing 5.67 about the level there. other bond yields are benefiting as a result. back over to you guys. i'm sure carolin, too, can help us try to understand now what this all means with mario monti potentially still involved with the next eye toolan government. that may help rea
and spain. our road map starts right where we were months ago, waiting for the 112th congress to agree on a debt reduction package. the senate convenes at 11:00 a.m. >> the dow had its worst day in a month on friday. set to close december with a loss. the question is, does it continue to sell off if there isn't an accord in congress. >> we will always have china. manufacturing pmi data from last night is the best in 21 months. can we finally say the chinese economy has been stabilized. >> but of course, we start in washington. as you know, congress comes back today. the house gaveling into session now with legislative business starting at 10:00 a.m. the senate returns at 11:00 a.m. eastern. there are only a few hours left to get a deal done. eamon? >> you're already hearing people talk the way they talk on new year's day. a lot of people wish they could go back in time and do things differently. that's the way people are talking in washington about this fiscal cliff. feeling as if this thing suddenly got off the rails. take a listen to mitch mcconnell last night talking about the pace
. take 15% youth unemployment in spain and compound that with the fact they stop having babies. what happens in a generation or two. >> i tell you, bill, you got me thinking, i encourage readers to read this. in some of the biggest developed economies pushed the most growth are below a 2% utility rate. this has to be dealt with at some point. back to you. >> thanks, rick. >>> road trip and big bank is in highways an byways in the road for yield. we'll explain how. and actually. the lexus december to remember sales event is on. this is the pursuit of perfection. stamps.com is the best. i don't have to leave my desk and get up and go to the post office anymore. [ male announcer ] with stamps.com you can print real u.s. postage for all your letters and packages. i have exactly the amount of postage i need, the instant i need it. can you print only stamps? no... first class. priority mail. certified. international. and the mail man picks it up. i don't leave the shop anymore. [ male announcer ] get a 4 week trial plus $100 in extras including postage and a digital scale. go to stamps.com
and spain and everywhere else that happens to be in deficit. the reason is, the federal- state, especially after 1929 plays the role of the regulator of surplus and deficit recycling around the land. let me give you a simple example. we are in seattle. boeing is sponsoring the lectures. when boeing goes to washington to give a contract for the next generation jet or whatever, they may get it. they do get it. but there are some things attached. like for instance, we want a factory that builds the wings are the engines in tennessee or missouri or arizona. in the deficit regions. this is not philanthropy. this is an act of recycling surplus so the surpluses of the surplus state can continue to be created, produced. you may recall that in the 1920s, internationally, we had a gold standard. fixed exchange rates. it is like having a single economy. -- a single currency. that gold standard creates a a degree of growth, together with the emergence of state corporations like edison that allows the bankers to run riot, and to reach far too much into the future to bring value to the peasant and to re
the various government actions. look at wages in greece and now spain. wages in greece are down more than 25%. very painful, but we've heard about the pain already. what we haven't heard so much about is the competitiveness. >> enor husband costs with incredibly high unemployment rates. >> that i'm afraid is what's going on and that's extremely unpleasant. what i'm saying in terms of market action is we know about that, we're focused already on the unemployment, we're not focused on the wage improvement in competitiveness. >> all right giles, more to come from you you. also we'll hear from the stars of les mis about why the classic story will resonate with the current economic climate. and later in the program, we'll also hear from the nigerian finance minister about the resources boom. but you what about the corruption issue. and we'll also hear first from apple's new ceo tim cook about steve jobs' legacy and his future plans for the tech giant. plus of course we'll continue to keep you updated on the reaction and the latest dealings from the earthquake in japan. >>> a 7.3 magnitude earthqu
production in spain, and the use of medical technology in the u.s.? at t. rowe price, we understand the connections of a complex, global economy. it's just one reason over 75% of our mutual funds beat their 10-year lipper average. t. rowe price. invest with confidence. request a prospectus or summary prospectus with investment information, risks, fees and expenses to read and consider carefully before investing. we wrap it up with best advice. >> the best advice from singer/songwriter/american idol contestant adam lambert. >> the best advice i got, keep your eye on the prize. don't let anything distract you. you have a goal, take a risk and go after it. and don't let anything slow you down. don't let anything compromise that journey. head straight toward the goal. >> always bring your eye liner. >> yes. clearly. >> a lot of advice in that clip. >> and a lot of eye liner. >> he wears it well. >> that is all for "early start." i'm john berman. >> i'm zoraida sambolin. "starting point" starts right now. -- captions by vitac -- www.vitac.com
zealand, textile production in spain, and the use of medical technology in the u.s.? at t. rowe price, we understand the connections of a complex, global onomy. is just one reason over 75% of our mutual funds beat their 10-year lipper average. t. ro price. invest with cfidence. request a prospectus or summary prospectus with investment information, risks, fees and expenses to read and consider carefully before investing. >> i'm robert gray with your fox business brief. t-mobile is finally getting a bite out of apple, adding the tech giant's products to it next year. deutsche telekom didn't mention specific products. ipad and iphone are only products offered. >>> hasbro is latest company moving up payment of its quarterly dividend to avoid higher taxes for shareholders. the dividend payment of 36 cents a share will be sent to shareholders this month instead of next year. >>> general motors is planning to hike prices in india by as much as 3% in the new year. the automaker says the increase is response to escalating input costs and currency fluctuations in the nation. suzuki and hyundai alr
about spain, 2013 is setting itself up to be the year of uncertainty. i think it is the year of the snake in china. >> looks, europe has been with us for three years and at the margin it continues to get a little bit better. with the new government in china, a case can be made for a pickup in growth a little bit more stimulus. so these things have been with us, but the pictures a little bit more clear than where it was. we think 13 can be a good year economically coming off of two sluggish years. ashleytracy: we said 16 tradings left, where she be putting my money in preparation for all this? >> first of all if we get a significant selloff, though sidelines in cash and a fixed income, that should come off the sidelines and into the equity market. any pullback that when g. chord analogy i made, any type of pullback the market should come bouncing back once the congressional ineptitude and is in the fiscal cliff gets resolved. as far as where it should go, we believe there is plenty of opportunities in big dividend paying stocks who had yields that are better than bond this is
has zero nominal gdp grets. and they're funding at 4.5%. that is a bad business model. spain same story. so when you bnk our package and what's been offered so are far which appears like $1.6 trillion in tax hikes against $400 billion of entitlement cuts over time, that's an even worse mix than the two-thirds/one-third european structure that really has gotten a negative reaction. >> how much is because of the mix and how much of it just this is what austerity looks like? >> is the money in capping deductions or raising marginal tax rates? it's in capping deductions. but that's tough because you have to tell someone no like the housing lobby or charitable contributions. >> capping deductions seems line the easiest. >> it should be, but remember, you'll have lobbyists pushing you on it. so that's tougher decision rather than raising taxes on one small part of the population and then on the spending side, making those long term spending cuts is the only way of stabilizing debt. the sink guegle biggest driver medicare. so if we don't make those tough decisions now, all we've done is
now. xetra dax up a quarter. cac 40 up around two thirds. ibex up half of 1% as well. spain have officially applied for bailout money. it is keeping yields well contained at the moment. 5.25%. a long way below that 6% level. italian yields also very well contained. lower today 4.41%. and the betting now is can spain keep from having to go for an official omt bailout to beyond the german elections which is scheduled september to october next year. so that's the game we play despite they have will have i issuance in 2013. gilt yields, chancellor statement coming out tomorrow. construction pmi today a little bit weaker. concerns over the uk economy. so we'll see how investors take to what's probably going to be a loosening up of the budget targets the chancellor set when they came into power. so we'll keep our eyes on that. and at the moment today, more talks in brussels. the greeks now getting their buy back program approved 37 trying to sort out a single supervisor. i think these talks will be fairly tricky because there is a majority who bt with a tant the be supervisor for all t
% in spain. there was an italian debt auction that went over well. that's helping sentiment. the owner of zara, one of the strongest retailers in europe, out with sales. you see that their shares are down. even though their nine-month sales figure was up 17% year on year, they said so far in the fourth quarter that figure was slowing to something in the range of 15%. so still a strong set of figures from inbitex. if you're concerned about the consumer, but not as strong as we have seen in the past. that's what's happening in spain. i want to draw your attention -- use guys were talking about unions. here's a union story that tells something about the rebalancing in the eurozone. potentially germany. we know with the xetera dax up .3%. and almost 30% this year. investors see if the euro project hangs together, it's going to mean renation in germany. that is some wage inflation, some price inflation. the public sector union verde, powerful union, along with some others with its contract up at the end of the year is asking, guys, for a 6.5% pay rise next year. it got about 2.5% for the la
with the omp with spain but they gave you a second put which you guys didn't talk about which is amazing. >> what's the second piece of it then? >> the second piece was when they were just this last meeting and you had this vote, how did the vote go? you know how the vote went for lower interest rates? you guys know how -- can somebody put on their prompter so they can figure out what it is? how did the vote go for lower interest rates? i'll tell you how the vote went. lower interest rates. they didn't lower interest rates this time. what they said, though, if you go back and look at it, every member before voted for lower interest rates. majority for lower interest rates. who didn't vote for lower interest rates? it was azulman, if my pronunciation is wrong, there's no way i'm going to get it right. pittsburgh people, what are you going to do. and this other guy draghi. and there was a fourth guy, begins with a "c." basically you're in this situation, whenever draghi wants to lower interest rates in europe, he can do it. >> but we haven't understood why they haven't done it to this poin
's going to be a lot of protests in spain, for example, today. foreign exchange, if we look at the dollar/yen, we look how quantitative easing is going to be a much more enhanced program in japan after the elections. you can clearly see how the dollar has performed quite admirably against that weakening of the currency issue on quantitative easing. remember, for an export economy, this is not something they're so upset about. last, but not least, even our weakened partner in europe, we just discussed, look how the euro versus the dollar is at some of the best levels we've seen since early may. something to pay attention to. we also had empire index on the weak side. and minus 56 billion on october treasury, international capital flows. that's the weakest level since the summer of 2011. now we're going to go to david faber who's talking about a sprint clear wire deal. how clear is it, david? >> we did get the deal itself, rick santelli. thank you very much. after a couple of months of which we've been talking about this. if you recall, back on october 10th, we got the deal this morning in
disintegration during war, famine, and pestilence. it has happened in wales, portugal, spain, all over. we do not know why. we do not know what to do about it. i will give an answer that will interest and amuse the previous questioner. when two things coincided in late 18th-century england, a grain surplus, the result was a cheap gin and a social calamity. they passed a few laws, licensing laws, it did not help. what turned britain around was john wesley. methodism. converting the women of england -- [laughter] that is the way it worked. it is an odd thing for me to be saying. >> you talked about the virtues freedom requires. i worked in the field of education. if our major problem children come to school without virtues, it is the public school system the place to nurture that? i believe our society and culture does not nurture those virtues. how do we address that? >> this is a good question. the family is the smallest school. by the time all lots of negligently parented, often at no-fault to the single mother, these children get to school, and it is too late. the chicago schoolteacher it s
to spain and the ski slopes in the western united states. she's been at one point during the period of several months, 42 days on vacation. she is living the life of a very pampered woman and apparently this fits with her personality. >> you right, where's the clintons were open and above horrid about their co-presidency posting that hillary was an equal partner with bill, the obamas have been careful to hide the fact that michelle is the president's most important political adviser and the one he listens to above all others before he makes decisions. >> yes and i think that's so true. the way she does that is often through her very best friend, how she gets her opinions through. her very best friend, valerie jarrett. valerie jarrett is a woman who hired michelle many many years ago to work with her in mayor daley's administration in chicago. the more importantly valerie jarrett is the person who comes from a very well off african-american family with great connections to power sources all over chicago. when she introduced barack and michelle obama to the power center, african-amer
, prefunding for 2013. got nearly the 4.5 billion they wanted. yields in spain. the ten-year did come lower on that auction, so not a bad result. and bid to cover was okay. so spanish yields slightly higher after that. didn't raise the maximum amount. that's where we stand. it's another cautious day under way in europe. back to you guys. >> might get my haircut like hers, ross. you know, that anna wintour. that bizarre -- do you think you can manage it? >> a page boy. >> you think you carry that one? >> you'd look awful. >> you know what? we're going to do it. >> you're asking these guys to put me -- >> you'd look good in that one from "dumb & dumber." >> yeah. i make that sound. the most annoying -- you want me to do that? >> no, we don't. >> morgan stanley is trying to bolster lending. some advisers are said to have left the firm due to a lack of lending capacity. you didn't bargain for this, did you? we're asking you about your company. is that okay? >> absolutely. >> greg funding -- we already know he joins us. you did provide investors with an update. >> yes. >> ross, you want to get i
that reflected across the bond space. portugal for example seeing ten-year yields falling. same for spain and italy. the boreses and footy 100, the xetra dax, this has been the outperformer up in the range of 30%. another .3% after the ifo out of germany. came in better than expected. again, a good sign for growth. not necessarily, though, for those who would like to see a weaker europe. the ibex 35 adding 1.3%. and the nikkei, as you mentioned, up above 10,000 for the first time in eight months. adding 2.4%. better hope the moves in the japanese government or bank of japan pan out. we'll get the bank of japan's decision tomorrow. but this comes on the day when, remember, it's on the weakening of the yen which we can show you on hopes that that will help the japanese corporate sector. remember, we saw export figures showing a drop of 20% in exports to the use. 15% to china. again, there's a lot of expectation built to this. the aussie/dollar remains the underperformer as we continue to evaluate china's internal rebalancing. now the sterling is stronger, the dollar/yen you already mentione
[indiscernible] $750 billion came through and it was more aggressively priced than italy, spain, and portugal. that is where you create economic prosperity. the agencies are doing fantastic stuff but it will not create what we need on that continent. the marginal interventions are not going to create economic growth. we know how to create jobs, so instead of having large subsidy programs, start there. get rid of those programs and we can talk about economic growth. >> you can understand why they are the most prominent voices in the business. >> a look at social media and on line speech. this is half an hour. >> we are going to shift gears a bit. i took my tie off the war earlier this morning. first, there is wifi here. you should log on to the nyu guest account. user name is guest131. password is right there for you. we will talk about the use of social media. it has been on everyone's lips the last couple of years. we have wonderful guests that are known for their engagement with their audience. i predict we are going to hear a little bit of criticism and push back on some of the wisdom of s
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